According to a report available on Alexa Reports, global payment security industry is expected to grow at a CAGR in the forecast period i.e. from 2018-2025. Payment security is defined as it allows the user to carry out the financial transactions in a protected manner.
Increased saturation of digital technology in payment and banking industry and usage of wireless networks among individuals is driving the market growth in the forecast period. In addition, utilization of wireless networks in computing devices for payments will surge the demand for payment security software in the years to come. However, adaptation of organizations to carry out online payments, government compliance and regulations is likely to hamper the market growth in the forecast period.
Payment security industry is segmented by technology; service, by organization size, vertical, application and geography. The market is explored by technology as encryption and tokenization. The encryption segment led the market and anticipated to maintain its dominance by 2025 owing to encryption helps to decrease the vulnerability of the data, which eventually decrease a merchant’s business risks.
The market is segmented by services integration and support. The market is explored by organization size SMEs and large enterprises. The market is segmented by vertical as education and retail. The retail segment led the market and anticipated to maintain its dominance by 2025 owing to increasing demand. Retail segment is followed by the education segment in the years to come.
By Application, the market is segmented by mobile payments and E-banking. The mobile payments led the market in 2018 and anticipated to maintain its dominance by 2025. The factors that attributed to the growth of segment include easy payment method and high demand from end users.
North America is one of the prominent regions and will continue to account for a large share in the market throughout the forecast period, due to fast acceptance of technology and rise in cashless economies.
Leading players operating in the payment security industry include Cyber Source Corporation, Braintree, Elavon Inc, Ingenico ePayments, Index Systems, Inc., Intelligent Payments, Shift4 Corporation, Gemalto NV., GEOBRIDGE Corporation, TokenEx, LLC, and Transaction Network Services (TNS) Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic development of the industry.